I don't doubt that many of the ancient myths have some basis in reality, but many of the more recent ones are less likely, simply because the dynamics of myth creation have changed. The really ancient myths were created during a type devoid of writing and oral traditions took ancient stories more seriously. Why the myths sound so outrageous is that the people telling them likely did not have adequate vocabulary.
***The Very Ancient Myth of Metis and Athena***
Take the myth of Athena's birth, for instance. It starts with Zeus swallowing whole his consort (common law wife), Metis. But she was already pregnant with Athena. Later, Athena is born -- not from her father's stomach, but from his head (the seat of consciousness and wisdom). But she was full grown and wearing armor. For a long time (before I knew about Metis), I thought this is where Athena got her wisdom. But no, she got it from the fact that her mother was the wisest individual of all time.
***Compared to Atlantis***
Now, compare this with the myth of Atlantis. Atlantis was the wisest (most technologically advanced?) nation of all time, but was swallowed whole by the sea. Refugees, possibly leaving the capital (head) city, took with them a fully mature civilization and the "armor" and weapons to protect themselves.
The parallels are striking. And the tectonic collapse of Atlantis makes more sense than a grown man swallowing a fully grown woman all in one gulp.
The fact that Metis (Atlantis in its latter days?) and Athena (children of Atlantis) were female might suggest that both cultures were matriarchal. And in fact, the likely candidates for children of Atlantis were either matriarchal, matrilineal or egalitarian in nature -- many of the Native American tribes of western and central North America, the Basques, Rasenna (Etruscans), Suomi (Finns), Hungarians, Sumerians, Georgians (Colchis), Dravidians, and Mon Khmer. There are many other clues, but one of my favorites is that Georgian for mother is "deda" and for father is "mama."
***Proof of Atlantis?***
And we have proof of an Atlantis-like event occurring right when Plato's lost island supposedly disappeared -- 9600 BC.